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finished study guide - Study Guide for Final Exam EXSS 326...

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Study Guide for Final Exam EXSS 326 Definition of a contract -“A contract is a promise, or set of promises, for breach of which the law gives a remedy, or the performance of which the law in some way recognizes a duty” Unilateral contract- Offer can only be accepted by performing an act. For example, if A says to B, “If you get me a hot dog from the concession stand, I will pay you $10,” B can only accept by performing the act of getting the hot dog. A promise is not acceptable. Bilateral Contract - A promise may be accepted with a promise. Ex. If A says to B “If you promise to go get me a hot dog in the seventh inning of the game, I will pay you $10,” the offer is accepted when B makes the promise to get the hot dog at the time specified. Elements of a contract Offer - A proposal to form a contract made by the offeror(party making the offer) to the offeree( party to whom the offer is made) Usually a promise or commitment to do something or to refrain from doing something in the future. AKA “Manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to the bargain is invited and will conclude it” Acceptance - Offeree is the only one who can accept, once the offer is rejected it is dead and same offer cannot be accepted later on by offeree. Consideration - Basically the compromising aspect of the contract. Both parties must give up something. Must be legal detriment on both sides for contract to be considered valid. Adults are supposed to make their own bargains so court wont regulate that, except in cases of fraud, misrepresentation, duress, or mistake in contract. An offer is assumed Valid Unless… It is oral and worth more that $500 or more than a year in the future, or land is being sold or an interest in land is being sold, due to Statute of Fraud Limitations. Definitions and if they are Void, Voidable, or Unenforcable. Capacity - legal ability to bind yourself to a contract Misrepresentation - Undue Influence -the key element is that the influence was so great that the testator (will writer), donor (gift giver) or party to the contract had lost the ability to exercise his/her judgment and could not refuse to give in to the pressure. Duress - the use of force, false imprisonment or threats (and possibly psychological torture or "brainwashing") to compel someone to act contrary to his/her wishes or interests. If duress is used to get someone to sign an agreement or execute a will, a court may find the document null and void. Mistake - an error in comprehending facts, meaning of words or the law, which causes one party or both parties to enter into a contract without understanding the obligations or results. Such a mistake can entitle one party or both parties to a rescission (cancellation) of the contract. Illegality
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finished study guide - Study Guide for Final Exam EXSS 326...

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